Is this a good overall income budget with twin kids?

[Spiralfire]

I am going to go back to work 2 days a week (self employed).
I am a mum of 13 month old twins and it’s been tough. They are going to go nursery for 2 days when I start. My DH works full time.

The following will be our setup:
My income: £1400

After contributing to the household bills and the twins savings acc (my DH will foot most of the bills), I will be left with £350 a month to put into my SIPP/ £300 a month household savings (DH puts in £700) and £300 each disposable income.

Does this sound okay?
The disposable income should cover personal spends like outings or coffees etc but I do want to focus on building up our savings pots again.

I think it depends on the level of household savings already saved. If you don't have 6 months worth of living expenses saved then I would prioritise that over coffees. I would put more into savings.

Ultimately sounds like you can afford to give it a try for a few months Save whatever you don't spend for the more expensive months like holidays/christmas/anniversary.

Does that include the childcare bill?

So after bills, as a family, you will be saving £1k and having £300 spending money?
Have you accounted for spending for the children (days out,clothes, presents etc?)

Yes saving £1000 and £300 each spending money
Childcare bill is minimal as funding covers most and grandparents help out

Because it’s £300 that will include days out and clothes and any small kids things. Gifts and anything bigger for kids we have savings pots for that the savings go towards.

I think it sounds fine, it’s a good amount of savings each month and you have some extras covered too. What about a holiday though? I’m taking it you already own a house aswell so don’t need to save up for a deposit?

That sounds like a good balance, but don't fall into the trap of spending most of your money on family things because you spend more time with DC, leaving you with much less personal money than your DH.

It might be better to split the money into thirds (or however you decide) so there's your money, DH money and family money for DC clothes, family days out etc.

You could even go as far as having different accounts with cards (or in your phones) so there's a card for your money, card for his money and card for family money.

All very easy to set up, if you don't have enough accounts already, just apply for more - eg Kroo/Chase/Monzo/Starling or for the family spending, a credit card that is paid off by the joint account.

You could give it a go for a few months then review to see whether the amounts are enough, or how your savings are progressing - obviously there's annual and irregular spending that's paid for by money that's not really 'savings' because it's going to get used within the short term, as opposed to savings either for defined big purchases like car replacement or home improvements or 'just because' money that would only be used if you lost an income.

Hi
this is true, as I will be working 2 days a week I will be spending majority of my time with the kids. So yes I will be looking into dividing the money 3 ways so kids money is from both of us equally.

Thanks guys for your input